Dev Accelerator Ltd IPO Oversubscribed: A Strong Market Debut Awaits
Dev Accelerator Ltd's initial public offering received an overwhelming response, with a 63.97 times subscription on the final day of bidding. The IPO's retail investors showed particularly strong interest. The company raised Rs 63 crore from anchor investors and plans to use proceeds for expansion and debt payment, ahead of its market debut.
- Country:
- India
The initial public offering (IPO) of Dev Accelerator Ltd received robust interest, with a subscription rate of 63.97 times by the close of bidding on Friday. According to National Stock Exchange (NSE) data, the offering saw bids for over 84 million shares against the 1.3 million shares available. Retail Individual Investors (RIIs) played a critical role, oversubscribing their category by 164.72 times.
The non-institutional investors' category was also met with significant demand, garnering 87.97 times subscription, while the Qualified Institutional Buyers (QIBs) quota saw a 20.30 times subscription. This enthusiastic response follows the company's announcement on Tuesday that it had secured Rs 63 crore from anchor investors.
The IPO, entirely a fresh issue at a price band of Rs 56 to Rs 61 per share, is valued at Rs 143.35 crore at its peak price, with a market evaluation of Rs 550 crore. Dev Accelerator intends to use the IPO funds to expand its reach in major cities, servicing debts and advancing general corporate goals, ahead of its anticipated stock market debut on September 17.
(With inputs from agencies.)
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